The basics:
- Veronica Plaza sells for $14.5M after drawing 22+ approved bidders
- CushWake: 33,608-sf Somerset center sets county’s second-highest retail price per square foot
- Hills Village Center in Bedminster sells for a reported $60.9M
- Limited retail inventory, strong demographics continue to attract investors
Recent retail investment activity in Somerset County highlights continued demand.
In Somerset, longtime owner Adoni Property Group has sold fully leased retail center Veronica Plaza, located along Route 27. Cushman & Wakefield announced arranging the $14.5 million deal on behalf of the seller Oct. 7. The team also procured the unnamed buyer.
According to CushWake, the 33,608-square-foot neighborhood shopping center drew significant interest, returning more than 22 approved bidders. Ultimately, the team noted the price point marks the second-highest per square foot for a retail property in Somerset County.
Situated on 5 acres, the shopping center located at 1165 Route 27 features a diverse mix of 18 tenants, such as Dunkin‘, Jersey Mike’s Subs, Bank of America, Trinity Rehab and others. It offers frontage along both Route 27 as well as Veronica Avenue. New Brunswick is nearby, including Rutgers University, Robert Wood Johnson University Hospital and Saint Peter’s Hospital.
Veronica Plaza at 1165 Route 27 in Somerset:
Sonny Adoni, founder and CEO of Westfield-based Adoni Property Group described the property as “steady” and “well-performing,” noting, “The timing was right to sell.”
Cushman & Wakefield Director Jordan Sobel said the activity reflects strong, continued demand for high-quality, necessity- and service-oriented retail centers. Regarding Veronica Plaza specifically, he added, “The fully leased property benefits from a diversified tenant mix and a prominent location along one of Somerset County’s primary retail corridors, which created a compelling investment opportunity and drove a highly competitive sales process.”
Along with Sobel, the Cushman team also included Managing Director Andrew Schwartz and Senior Associates André Balthazard and Dan Bottiglieri.
The Hills Village Center
Marcus & Millichap notes the local retail market remains one of the tightest nationwide in its recent Third Quarter 2026 New Jersey Retail Market Report.
“Buyers and sellers appear to have adjusted to the changing transaction environment, with deal activity returning to at or near historical norms following a slower third quarter of 2025,” stated Jim McGuckin, Marcus & Millichap managing director, market leader, adding, “The 2.9% annual increase in average pricing also points to continued investor interest in Northern New Jersey retail.”
Heading northward in Somerset County, the sale of another fully leased retail property underscores the activity.
JLL Capital Markets represented Lena Centers, a Longpoint Partners subsidiary, in the sale of The Hills Village Center to Asana Partners of North Carolina. JLL did not disclose financial terms in its Oct. 1 announcement. My CentralJersey.com reported the sale price as $60.9 million.
The 110,000-square-foot grocery-anchored shopping center at 550 Hills Drive in Bedminster sits adjacent to the affluent Hills neighborhood. The strategic location at Hills Drive and Route 206 offers exceptional visibility and access; Interstate 287 is minutes away by car.
Kings Food Market and CVS anchor the tenant mix, complemented by Starbucks, Peapack Gladstone Bank, along with dining options and service-oriented retailers. Over the summer, a JLL retail team signed secured several leases for franchise Purity Water, including at The Hills Village Center.
Within a 5-mile radius, the property draws from a population with nearly 60,000 residents and an average household income of more than $230,000. JLL also noted the trade area benefits from more than 83,000 daytime employees within that same span, including the brand-new Freshpet office, providing a strong weekday customer base for the center’s retailers and restaurants.
The Hills Village Center at 550 Hills Drive in Bedminster:
Senior Managing Directors Jose Cruz and Kevin O’Hearn, Senior Director J.B. Bruno and Senior Associate Cole Doyon led the JLL Capital Markets team.
“Lena Centers has cultivated a thriving retail destination that serves as the commercial hub for The Hills community and surrounding areas,” Cruz said. “The successful disposition to Asana Partners reflects both the quality of the asset and the strength of the Somerset County retail market, where strong demographics and limited competition continue to drive investor interest.”
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